Why DODO (DODO) crypto is catching investors’ attention?

Highlights

• DODO (DODO) crypto is primarily a DeFi protocol for Web3, which promises to offer liquidity for users to trade in multiple assets.
• On 30 May, the DODO crypto was witnessing a healthy rally of over 33% and a volume gain of over 600%.
• The 632-ranked DODO crypto on Monday was trading at US$0.181062 with a 24-hour trading volume of US$13,84,28,809 over a day, according to CoinMarketCap.

DODO (DODO) crypto is primarily a DeFi protocol for Web3, which promises to offer liquidity for users to trade in multiple assets. Co-founded by Diane Dai, Radar Bear, DODO crypto with its Proactive Market Maker (PMM) algorithm, helps the liquidity providers and market makers to provide liquidity without onerous capital requirements.

The PMM model works similarly to a trader by utilising the oracles to gather accurate market prices for assets. The PMM pricing mechanism mimics human trading and operates oracles to collect precise market prices for assets.

Due to this, it reduces the slippage rates, stabilises the liquidity providers' portfolio, and reduces the chances of losses by allowing arbitrage facilities.

Related read: Tether opens up the Latin American market with pesos-pegged stablecoin

On 30 May, the DODO crypto was witnessing a healthy rally of over 33% and a volume gain of over 600%.

What makes DODO unique?

The DODO crypto is unique because it is DEX. It offers a wide range of products such as mining, staking, SmartTrade trading, etc. The SmartTrade allows the trader's other participants to get equal opportunity token distribution. Besides, liquidity mining offers a chance to the investors to earn DODO tokens as rewards whenever they stake the crypto.

The recent spike seems to be on the back of the O3 Cross-Chain Wallet partnership with the DODO protocol. This partnership is expected to yield fruit as it would give crypto enthusiasts access to liquidity sources from multiple networks at the best price.

Related Read: What to expect from the Terra Luna Classic (LUNC) airdrop?

The DODO token has been witnessing a good run on the market for some time now as, over the past week or so, it has amassed gains of 24.3%. The gains were on the back of completing the eleventh DODO buyback and distribution. The trading fees accrued on BNB Chain & Polygon were exchanged for 77,430 USDT, while 459,001 DODO tokens were bought back with a total of 70,654 USDT. 

How is DODO crypto faring in the market? 

The 632-ranked DODO crypto on Monday was trading at US$0.181062 with a 24-hour trading volume of US$13,84,28,809 over a day, according to CoinMarketCap. The crypto was up by 32.46% with a live market cap of US$2,00,16,808 with 11,05,51,965 DODO coins in circulation.

The rally in this DeFi token is also reflected in the total DeFi market cap, which was up by 7.49% on 30 May. While the investors will be pretty happy to see the momentum in the DeFi market, they will also be wary of the sudden change of fortunes that the crypto markets have witnessed of late. Therefore, investors should do proper market research before entering the space.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instruments or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete, or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.